Harum Energy, A Mining Company Owned By Conglomerate Kiki Barki, Profits Soared By 1,309 Percent To IDR 2.1 Trillion In Semester 2022

Illustration. (Photo: Unsplash)

JAKARTA - The coal mining company owned by conglomerate Kiki Barki, PT Harum Energy Tbk (HRUM) recorded performance growth in the first half of 2022. The company posted a net profit of US$ 145.96 million (around Rp. 2.1 trillion) in the first six months of this year. .

The realization of Harum Energy's net profit rose 1,309.5 percent over the same period last year or year on year (yoy). Where, HRUM's net profit in the first six months of 2021 was only 10.35 million US dollars.

In HRUM's financial report, quoted on Wednesday, August 3, the increase in net profit was in line with the company's revenue growth. Harum Energy posted revenue of 377.45 million, an increase of 226.17 percent from the revenue recorded in the first six months of 2021 which amounted to 115.72 million US dollars.

HRUM's revenue was dominated by coal sales to the export market, which reached 320.0 million US dollars, followed by coal sales to the local market worth 51.03 million US dollars. HRUM also pocketed rental income worth USD 6.41 million, which came from heavy equipment rentals to road transport rentals.

Meanwhile, customers whose transactions exceed 10 percent of the total net income are to China Huaneng Group Fuel Co., Ltd worth US$141.89 million and PT Bumi Nusantara Jaya US$48.96 million.

On the other hand, with rising income, a number of HRUM expenses also increased. For example, the cost of revenue and direct expenses rose 119 percent to 132.97 million US dollars from the previous 60.47 million US dollars.

Selling expenses also rose 395 percent to 30.85 million US dollars. However, general and administrative expenses fell slightly to 13.24 million US dollars from the previous 13.25 million US dollars.

Other expenses borne by HRUM also decreased by 87.27 percent to 1.40 million US dollars. Meanwhile, other income received by HRUM rose 61.38 percent to US$3.11 million.